9 Questions to Ask Aging Parents About Their Finances

Speaking to aging parents about money isn’t easy. Here are nine important questions to ask.

A mom and daughter look at family photos.
(Image credit: Getty Images)

There are now more than 70 million Baby Boomers in the U.S. Yet, millions of adult children may not be prepared to make important decisions about their parents’ future if necessary because of a lack of knowledge about their parents’ finances.

While people in their 40s and 50s learned much about money from their parents, now the roles are becoming reversed. Adult children should know where their parents’ finances stand in case of any emergency. In addition, they should know critical information in case of death, such as if they are named the executor of their estate.

Speaking to aging parents about their finances isn’t easy. To begin this process, here are nine important topics that you may want to discuss with your parents:

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Patricia Sklar, CPA, CFP®, CFA®
Wealth Adviser, CI Brigthworth

Patricia Sklar is a wealth adviser at CI Brightworth, an Atlanta wealth management firm. She is a Certified Public Accountant, a CERTIFIED FINANCIAL PLANNER™ practitioner and holds the Chartered Financial Analyst® designation.  Sklar uses her CPA and investment background to help develop and implement financial planning strategies for high-net-worth and high-income earning individuals.